1st Renewal of Insurance Policy

fiends im from kerala i have vista which is going to be complete one year so i have to renew my insurance the premium was 12603 rs (reliance) when car was purchased i met an accident and done claim for repairing so now they given premium for next year 12500 told because of claim i lost claimlessbonus which is 2000rs,my question is can i get any best deal from them ? can i change my insurance to another company if so any benefit?can i pay insurance in any reliance inurance office or is it compulsory to pay premium from where i paid 1st time?{bcz that office is far from me and also i have reliance insurance near to my  home but thet told i cant pay here have to pay the main office  any idea?thanks

On account of accident/claim, you lose NCB (No Claim Bonus).  It is not necessary to take/renew the insurance from the same company.  You can go for new company.  NCB will, however, not be made available by any company.  Premium & services offered by all pvt. are quite competitive. Bajaj Allianz, ICICI Lombard, IFFCO Tokyo, TATA AIG etc. are currently leading companies (not in the order mentioned - that's random).  Premium is negotiable to some extent (all pvt. companies).

Pankaj,my insurance will lapse on 30th of this month.

Recieving lot of calls for renewal,also i asked what if i do it after 30th,they said it will be more hectic and will mount to lot of formalities!

Is it true or just a gimmick to hold onto the customers.

What if i choose another insurance company?

Which ones are better in your view,my current insurance is from NATMAR.

Insurance can be renewed within a month from expiry - without losing NCB/benefits - BUT it's advisable to get it renewed in time so as to avoid complications in case some untoward incident happens during the interim period.  Please renew it before the validity expires on 30th of this month.

There is no harm in going for a new company. Copy of previous insurance needs to be provided.  The agent of the new company will ascertain eligibility of NCB & make it available in the new insurance (please be very specific about it). In either case, on 1st renewal NCB works out to 20% of Own Damage Premium (only).

As mentioned before, premium & services offered by all pvt. companies are quite competitive. Bajaj Allianz, ICICI Lombard, IFFCO Tokyo, TATA AIG etc. are currently leading companies (not in the order mentioned - that's random).  Premium is negotiable to some extent.

Didnt understood this one quite well!

If you want to change the company - go ahead.  Give a copy of the previous/current policy (expiring 30th) to the agent of the new company you propose to take insurance from.  Tell him specifically that the NCB from the previous/current policy (old company) should be made available in the new policy (new company). Specifically (I say) so that it is not missed & subsequent amendments etc. are avoided (procedures).

As it will be your first renewal, you will get NCB/discount of 20% on the Own Damage Premium.  NCB/Discount is not available on other premium (3rd party & PA Covers).

@Sunita, I think the premium offered to you is on the higher side. Even without NCB the IDV will be less for the second year and there should be considerable difference in the premium amount. I paid 15k+ for the first year, without NCB (claimed insurance) the second year premium was only 11.5k+ because of the reduced IDV. It was Maruti insurance (tie up with national insurance, I think).

So enquire with other insurance firms also before renewing. There may be good offers and I heard private firms allow a little bit of negotiation too.

Please opt for cashless claims, that will help us from hurdles during claiming..

I totally agree with views of Pankaj & Feroz.

I must add here that negotiations will definitely save you some money.  Just try to get quotes from different Ins Companies. Believe me, after hard pressed negotiations I could save approx Rs.2000/- to Rs.2500/- while getting my first renewal last month.

In fact I had calimed insurance on very second month of purchase...

Jay

Thanks Jayanna.Good that you told me.

Also get an online quote from websites like policy bazaar to compare different insurance providers, you will def get a better deal.